This blog publishes market news relating to the companies listed in Bursa Malaysia, as well as business news in general. You can search and find all the past market and business news by searching within this Blog.

Wednesday, April 6, 2011

BHIC targets to double order book from RM1.2b

KUALA LUMPUR: Boustead Heavy Industries Bhd (BIC) targets to double its order book this year, mainly driven by the finalising of its littoral combatant ship (LCS) contract with the Defence Ministry.

'We are quite confident of building up our order book substantially. I think it will at least double,' managing director Tan Sri Ahmad Ramli Mohd Nor said after its AGM on Wednesday, April 6. BHIC's order book currently is RM1.2 billion.

Last October, BHIC received a letter of intent to undertake the CONSTRUCTION [] of six second-generation patrol vessels with combatant capabilities. The value and duration of the project were still being ironed out.

Ahmad Ramli noted that the contract would be in the billions of ringgit and would be valued at much higher than the first batch of vessels.

Additionally, he said the group was in advanced negotiations with several parties to make commercial vessels.